On 19 December 2014, the National Bank of Belarus released Decree No. 786 introducing a tax on the purchase of foreign currency by legal entities and individual entrepreneurs. The rate of the tax was initially 30%, but was later reduced to 20% through an additional decree on 27 December 2014. The new tax applies at the rate of 20% from 1 February 2015. It will not apply for foreign currency purchases made by the state, or when the purchase is for the purpose of using the foreign currency as payment for gas, oil and electricity.